ET Now: What is your own sense of how things may shape up in the interim, at least for this truncated week?

Mitesh Thacker: I have talked about possible shift of range on the Nifty on the upside.

Today, gap down opening and then covering up of the gap and the fact that the market slowly and steadily moved up and tried to close near the day’s high does suggest that the range has shifted on the upside.

So, now I would mark 6120-6100 as the important low in the short term and that is where some key short-term daily averages have been placed. So, as long as we are not going below that level this market in the short term would be a buy on declines, intraday dips.

We would look at exploring long opportunities primarily on the stock side because that is where strong breakout and followup buying are being observed and on the upside, we should head towards 6230-6250 levels in a few days. There could be volatility around those levels because lot of supply points are there in that 30-40 point kind of range but eventually we might make an effort to get pass 6250 and head towards 6300.

So this is a market where we would trade more of stock specific side and trade with a more of long bias.

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